Governor of the Bank of Ghana, Dr. Johnson Asiama, has voiced serious concern over the sharp decline in remittance inflows into the country, pointing to both shifting economic behavior and potential industry irregularities as contributing factors.

Speaking at the Chartered Institute of Bankers (CIB) Ghana’s post-Monetary Policy Committee (MPC) roundtable on August 5, 2025, Dr. Asiama questioned the continued drop in remittances from the Ghanaian diaspora—an essential source of foreign exchange for the economy.

He noted that the Central Bank is stepping up measures to ensure that all remittances intended to support Ghana's economy are transparently and accurately captured.

“We have stepped up. We have issued some data directives—all in an attempt to ensure that remittance inflows from the Ghanaian diaspora, every dollar, must enter our system to support economic activity,” Dr. Asiama stated.

Investigations into Industry Misconduct

The Governor also expressed concern over potential misconduct by some players within the remittance space, particularly International Money Transfer Operators (IMTOs) and Payment Service Providers (PSPs).

“We have reason to believe that some players in the remittance space may be engaging in wrongdoing. We are investigating this, looking into the activities of IMTOs and whether some form of onshoring is occurring,” he revealed.

Issuing a strong warning, Dr. Asiama added, “Let me take this opportunity to caution any IMTOs and PSPs who may be involved in such practices. The Bank of Ghana will not hesitate to take action against offenders.”

The Central Bank’s heightened scrutiny comes amid broader efforts to strengthen Ghana’s foreign exchange inflows and ensure transparency in financial transactions at a time when remittances play a crucial role in stabilizing the economy.